Saylor Reaffirms Bitcoin Commitment Amid Market Volatility
Michael Saylor, the executive chairman of MicroStrategy, appeared on CNBC Friday morning to address swirling rumors about his company’s Bitcoin strategy. With both Bitcoin and MicroStrategy’s stock experiencing significant declines, Saylor made it clear that the company remains firmly committed to its accumulation strategy.
“We are buying bitcoin, we’ll report our next buys on Monday morning,” Saylor stated during the interview. He went on to mention that the company is actually “accelerating [its] purchases,” suggesting that recent activity in the firm’s wallets will demonstrate aggressive accumulation rather than selling.
Rumors Spread Through On-Chain Data
The speculation that prompted Saylor’s public response originated earlier Friday from online chatter suggesting MicroStrategy had been selling Bitcoin. These rumors gained traction after on-chain data showed BTC moving out of company-controlled wallets, which some interpreted as selling activity.
Following his CNBC appearance, Saylor took to X to directly address the rumors, stating simply: “There is no truth to this rumor.” The swift response reflects the sensitivity around MicroStrategy’s Bitcoin strategy, which has become central to the company’s identity and valuation.
Market Context and Investor Concerns
The timing of these rumors isn’t entirely surprising given current market conditions. MicroStrategy’s stock was down 4% early Friday, trading below $200 and showing a nearly 35% decline year-to-date. Bitcoin itself had fallen 5.8% over the past 24 hours to around $96,200, though it had recovered from even lower levels.
For investors, the selling rumors weren’t completely far-fetched. MicroStrategy now holds more than 641,000 BTC, worth approximately $22.5 billion, while the company’s market capitalization has fallen below that value. This gap has pushed MicroStrategy’s market-to-net-asset value below 1, which some analysts interpret as suggesting the stock may be undervalued.
Saylor’s Long-Term Perspective
When asked about the recent plunge in Bitcoin’s price, Saylor maintained his characteristic long-term perspective. He advised nervous investors to “zoom out,” noting that Bitcoin was stuck in a range of $55,000-$65,000 just over a year ago. Even after the recent decline, Bitcoin at $95,000 still represents substantial gains from those levels.
“We’ve put in a pretty strong base of support around here,” Saylor commented, adding that he’s comfortable Bitcoin could rally from current levels. His comments reflect the consistent messaging he’s maintained throughout MicroStrategy’s Bitcoin journey – that short-term volatility is less important than the long-term adoption and value proposition of the cryptocurrency.
The situation highlights the intense scrutiny that follows MicroStrategy’s every move in the cryptocurrency space. As one of the largest corporate holders of Bitcoin, the company’s actions – or perceived actions – can significantly impact market sentiment and prices. Saylor’s quick and firm denial suggests he understands the importance of maintaining confidence in the company’s Bitcoin strategy, particularly during periods of market stress.
